Talking Wise

Talking Wise

The podcast about logistics, self-employment, and what it actually takes to scale without the wheels coming off. 

  1. Sep 1

    Episode 24: Making sense of Making Tax Digital

    Tax rules in the UK are undergoing their biggest update in decades. Under Making Tax Digital (MTD) for Income Tax, HMRC is making it mandatory for self-employed individuals, couriers, and sole traders to use MTD-approved software to keep digital records and report earnings.  If you're a delivery driver, courier, or sole trader, spending long hours on the road, staying tax compliant shouldn't take over your weekends. We walk through what MTD actually means, how qualifying income is calculated, upcoming rollout dates, and how HMRC-recognised tools like Beamin is simplifying digital record-keeping - taking care of the heavy lifting for you. This episode is a must-watch to understand what steps you need to take now! --------- FACT CHECK CONFIRMATION (14 mins): Each late submission adds one point to your record. A £200 fine is given once you reach four points, and every subsequent late submission triggers another £200 fine. RESOURCES: Beamin MTD guide: https://beamin.co.uk/making-tax-digital-pdf/ HMRC MTD calculator: https://www.gov.uk/guidance/find-out-if-and-when-you-need-to-use-making-tax-digital-for-income-tax#check-if-you-need-to-use-making-tax-digital-for-income-tax BEAMIN CONTACT: 012168 7366 / help@beamin.co.uk --------- Chapters 00:00 Intro 01:07 What is Making Tax Digital (MTD)? 02:33 MTD thresholds & eligibility 05:29 Why is HMRC introducing MTD? 07:53 HMRC-recognised software is mandatory for MTD 08:54 Beamin: HMRC-recognised software solution 09:55 Does MTD apply to sole traders? 11:29 4 Core responsibilities under MTD 13:49 Penalties & consequences for non-compliance 15:16 How to register for MTD 16:19 Debunking common MTD myths

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The podcast about logistics, self-employment, and what it actually takes to scale without the wheels coming off.